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ANZ ...a surprise...

Discussion in 'Property Finance' started by sash, 23rd Jun, 2015.

  1. sash

    sash Well-Known Member

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    Given the changes in financing...I decide to visit ANZ to ask about financing..to my surprise...I found the following:

    1. The are prepared to go up to 90% LVR for investors.
    2. They are prepared to do 10 yrs IO
    3. They will use the actual repayments for existing IPS but will use a 2.7% margin above the current ANZ rate for the property you are finanncing
    4. They will not do more than 0.9% discount from the SVR.

    Can anyone confirm if there is any truth to this....it was a pleasant suprise..I migtht look at them now. Let me know if there are any gotchas. The one I am dubious about is 10 yrs IO upfront!
     
  2. kamchatsky

    kamchatsky Well-Known Member

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    I have 3 of 4 loans with them that are 10 year IO. It was done when ARPA is flexing their muscles last month. I think ANZ being conservative in the past, has helped them giving more leeway for new loans.
     
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  3. sash

    sash Well-Known Member

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    Ta thanks...
     
  4. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    Number three is a lie. They won't take actuals. Not without adding their own special sauce, anyway.

    The only discount they will do for an IP only is the advertised breakfree unless you have PPOR with them as well. "Up to" 0.9% would be more accurate - lending has to be over $500k.
     
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  5. mja

    mja Well-Known Member

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    I'm an existing customer with ANZ and got 95% (including LMI) for an investment property purchase in what some banks would call a category 4 town. I'm only getting a 0.6% discount probably due to the loan being < $125k.
     
  6. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    I would going to say the same thing (minus the sauce though).
     
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  7. sash

    sash Well-Known Member

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    Thanks...

     
  8. kr11

    kr11 Well-Known Member

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    Is there a possibility that it was thru the business banking division, as opposed to their personal lending division
    Not sure, but a broker once told me that one of the advantages of using trusts is that u go straight thru business banking rather than personal which is more favourable to lending??
     
  9. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    xcept that DTs dont attract neg gearing so they would need to be double nice and dipped in choco fave

    ANZ has always been in the bottom quartile for servicing and id suggest they have moved much from their.

    The existing debt is PI plus "wriggle room" margin of > 2 % so that cant be favourable

    ta

    rolf
     
  10. Be Developer

    Be Developer Property Developer Business Member

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    @sash

    May be special deals for VIP customer with 30% lvr
     
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  11. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    1. True
    2. True
    3 .False -they load an assessment rate. They used to be one of the least generous lenders - with the recent servicing changes implemented by many banks, they're probably in the middle.
    4. They will offer whatever the advertised breakfree discount is applicable to your loan amount and LVR - they won't (or they say they won't) reduce this further via discretionary requests

    Cheers

    Jamie
     
  12. sash

    sash Well-Known Member

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    Correction 37.5% LVR....banks don't consider me a VIP customer...more like a customer they can't hoodwink..;)

     
  13. Watson1

    Watson1 Well-Known Member

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    ANZ can do 97% if you cap LMI for investments, owner occupied, refinances and top ups for existing customers who have had a credit facility with the bank >6 months.

    Sometimes it is worth opening an assured facility with the bank so you have access to this option in the future.
     
  14. Watson1

    Watson1 Well-Known Member

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    Well here is something new, was asked for a stat dec for a refi/top up at 80%.

    Top up amount was only ~$80k. Only last week I cashed out at 97% with them, no questions asked...
     
  15. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    That is a bit of worry.

    Normally they're one of the most transparent lenders when it comes to cashouts - you usually know what they will/won't accept.

    A stat dec at 80% doesn't sound good at all!

    What was the purpose? I assume future IP purchase?

    Last one I done was 90% + LMI. Approved on Monday.

    Cheers

    Jamie
     
  16. Watson1

    Watson1 Well-Known Member

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    Refi cash out for investment property. Usually we submit a pre-approval concurrently with the refinance, but in this instance, I have have yet to submit the pre-approval deal.
     
  17. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    hmmmm sounds a bit strange.

    Generally - any cashout at less than 80% LVR is fair game. They will go off brokers notes.

    Anything above 80% and greater than $50k requires some proof - stat dec, preapproval, CoS, etc.

    Might be an isolated incident? Could be the particular assessor. I hope so anyway!

    Cheers

    Jamie
     
  18. Watson1

    Watson1 Well-Known Member

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    I think I know why they asked, borrower is PAYG but derives $40k in self employed income too. ~30% of his income is self employed.

    We should all be still good for 97% cash outs no questions asked :')
     
  19. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Yep - all good, they just want to make sure he's not going to blow the cash on biz expenses by the sounds of it.

    Cheers

    Jamie
     
  20. Redom

    Redom Mortgage Broker Business Member

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    Agree with Jamie - ANZ (for all their flaws) have a pretty great cash-out policy, you generally know what you'll get from them. As a broker, that consistency is pretty valuable for borderline deals. 90% cash outs are becoming increasingly difficult, so hopefully ANZ remain open for business with these deals! :)

    I've had something similar happen to me at an 80% deal with NAB recently (also a little unusual) - credit scoring picked up a higher risk deal and hence the assessor requested a little more documentation than usually necessary.

    Cheers,
    Redom